Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), completed the assignment of its 30 percent interest in oil mining lease (OML) 18 and related facilities in the Eastern Niger Delta, Nigeria to Eroton Exploration & Production Company Ltd. for $737 million.
"This divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business," Shell said in a press release Friday.
Despite the divestment, Shell said it remains committed to keeping a long-term presence in Nigeria.
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